The board of CompañÍa Sud Americana de Vapores has confirmed Francisco Pérez Mackenna as chairman and Andrónico Luksic Craig as vice chairman.
Additionally, CSAV has approved a capital increase of $500 million as part of the company’s recently announced investment plan, which includes the acquisition of seven 9,300-TEU vessels, scheduled for delivery at the end of 2014; the prepayment of financial debt with American Family Life Assurance, which would include a 46 percent discount; the prepayment of debt with Banco Latinoamericano de Comercio Exterior for $140 million; and the continuation of CSAV’s development plans. The Chilean shipping company plans to carry out this capital increase during 2013, via the issue of 6.75 billion shares.
Pérez Mackenna emphasized at a shareholders meeting that the investment will allow CSAV to increase its own fleet from 37 percent to 55 percent.
Oscar Hasbύn, CEO of CSAV, also said at the meeting that the company earned $31.9 million in 2012, compared with a loss of $754.9 million in 2011.
“The operational, financial and corporate restructuring plan, which we consider was completed in March, has transformed us into a new company with a more efficient costs structure,” Hasbύn said. “The results have already evidenced the changes we have made.”